From revision tips from seasoned exam sitters to thoughts on how to study together in groups, a group of paraplanners share best practice on revision and exam preparation.

Learning objectives

In this session we covered…

Autoenrolment has led to millions of people going into DC pension schemes. But a little birdie called the Financial Conduct Authority, found out in their 2017 Financial Lives Survey, that despite people getting a statement every year, only 52% read theirs and only 23% say they understood it ‘very well’.

To address this, Quietroom were tasked to write and design a new Standard Annual Statement – a statement that would provide people with information they needed presented in a way they could understand.

Why is all this relevant to Paraplanners?

Having spent 18 months collaborating with the DWP, Eversheds, and in consultation with lots of different parties and over that time, Quietroom learnt lots of lessons. Many that are relevant to Paraplanners and our ongoing task to turn the complex into something meaningful to clients in reports.

Learning objectives

In this session we covered…

In this session we explore the practical implications of PROD for Paraplanners.

Learning objectives

In this session we covered…

In July 2020, the FCA’s new platform rules came into force and in this session we seek to understand it better.

Learning objectives

In this session we covered…

A second exploration of FE and what paraplanners can do with it.

Learning objectives

In this session we covered…

Exploring everything paraplanners need to know about cash management.

Learning objectives

In this session we covered…

Following the ‘This time it’s personal’ Howwow in November, we asked Chris Hindle, Director and Paraplanner at Frazer James and outsourced Paraplanner to share his thoughts. It was Chris’ first Powwow event, and our first time focussing solely on soft skills, so his insight is doubly interesting. Thanks for sharing Chris 🙂

Do paraplanners need soft skills?

That was the question I was asking myself after a colleague suggested I attend an all-day course to develop my soft skills.

An introvert by nature, I was initially resistant to the idea. Why do I need soft skills training, surely this was the domain of advisers?

The thought of a full day workshop on soft skills development made me slightly uncomfortable, which in itself told me that it was probably a good idea to attend!

So I signed up.

My first ‘Powwow’

Having not previously attended a ‘Powwow’, I wasn’t quite sure what to expect. Would it be leading from the front like most workshops, or would it be something different entirely?

The first thing I noticed is the sense of community. This was an event organised by paraplanners, for paraplanners. We were coming together to learn, fix and share in a non-judgemental way.

A loose agenda kept the day together, but the event was largely driven by the needs of the attendees. We were treated as participants, not delegates.

Why paraplanners need soft skills

Despite initially being resistant to the idea, I came around to believing that soft skills are as much the domain of paraplanners as they are of any other role.

Whilst the role of ‘paraplanner’ differs widely between firms, one commonality is that in all firms paraplanners interact with other people. This holds true for both in-house and outsourced paraplanners.

Being able to communicate with clarity and confidence, is the key to developing and maintaining successful relationships.

The feedback from advisers confirmed this:

What I learnt

Although there was lots to takeaway, there are three things that really stuck with me:

  1. Giving effective feedback.

I’ve been guilty of being very direct with my feedback. For some people this can work well, but it’s not for everyone. It can damage relationships and make people feel undervalued.

In the future, I will ask the recipient how they like to receive feedback. Everyone has a different style, so if we want to get the most from people, we need to communicate in a way that suits them.

  1. Listen, don’t speak.

Sometimes, I prepare my response whilst somebody is still speaking. I’m not actively listening to them; I’m just waiting until it’s my turn. It pains me to write this, but it’s true.

In the future, I will work harder on actively listening to the other person. If something comes into my head, I’ll write it down. This keeps my head clear so that I can focus on what they are saying.

  1. Enjoy the silence.

Silence makes me uncomfortable, so I fill it the only way I know how, by filling the space. This was made painfully clear when I listened to recordings of telephone conversations I have had with clients.

In the future, I’m going to give people the space to think. I will keep in mind that they may not have had the time to think through the information I’ve just provided and need the space to do so.

What next? 

It’s clear that paraplanning has come a long way in a short space of time. It’s also clear that there is still a long way to go, particularly around soft skills training.

Personally, I’m going to be spending 20% of my continuing professional development on developing my soft skills.

I’ll be doing things like:

How about you? Do you think soft skills training is important? What will you be doing to improve your soft skills?

A follow up session to our personal development skills day.

Learning objectives

In this session we covered…

On the 12 September 2019, paraplanners gathered in a teepee to learn, fix, share on a host of topics. Given that there was so much information to scribble down, the jolly folk that hosted the campfires and pick n mixes have sent over all their links and resources. So we’ve popped it all down in a handy link pack.

However, before you get click-happy, here’s a few snaps from the day…

Paraplanning tips campfire with Aleks Sasin and Jackie Manning

A number of you asked for a list of the books mentioned in the session and here they are:

The Mac app mentioned that focuses on the active window only is HazeOver.

Bonds vs Collectives campfire with Neil MacGillivray and Andy Marshall

The lovely folk of James Hay have sent over a copy of Neil’s presentation on Investment Taxation, plus here’s some handy links on capital gains tax,offshore bond guide and offshore single premium bonds.

CRP campfire with Jonny Stubbs, Martin Lines and Tim Coverdale

Here’s Jonny with more on the Withdrawal policy statement.

Who created it?

Although I can’t take all the credit as it was a mish-mash of various examples I’ve found over the years on the t’internet and using the same framework we use for our Investor Policy Statement. If anyone’s interested… No? Oh, just me then… This is apparently the guy who first came up with the idea for a WPS.

What it’s for?

It helps a financial planner to set a pre-agreed framework/mandate with a client for how they plan on withdrawing money from their various assets to meet their income needs after they stop receiving income from employment. It also sets out in advance what action the planner/client will take in the event of planned and unplanned events e.g. when and how should income be adjusted in the event of market volatility, major crash, inflationary pressures, unexpected expenses, poor performance etc. The idea is that it is reviewed each year at the annual review and a new copy signed together with a record of any tweaks or changes made to the document.

Any health warnings?

The example I’ve provided is just that, an example, and anyone using it should make sure it is personalised to their particular firms views, compliance, and client circumstances and objectives etc. It’s also not a fire and forget solution. The power of it comes from revisiting it every year with the client and getting them to re-sign it to confirm their understanding. Kinda like ‘a (financial) plan on a page’.

Useful links

7IM’s Retirement Income Service

This link provides technical insight into why they follow a “bucketing” approach.

Financial Wellbeing ‘Pick n’ Mix’ session with Chris Budd

Need a reminder of the key elements of Chris Budd’stalk on financial wellbeing, then look no further than here.

Investment Research ‘Pick n’ Mix’ session with Nicki Hinton-Jones and Guy Anderson

Nicki Hinton-Jones of XPM Consulting’s slide from the investment research ‘Pick n Mix’. To find out more about Nicki and her work visit her at xpm-consulting.com

The slide lists the four key areas of due diligence research for investment products and services.

Octopus Investments Handouts

Just in case you whizzed past their handouts here’s the adviser gap report and the Octopus IHT intergenerational research report. 

Nathan Fry Notes

Powwow regular, Nathan Fry has very kindly sent us a copy of his notes from the day too. Have a read of them here.

Want some more Powwow in your life? Then check out our upcoming events.

For paraplanners who are want to build a basic knowledge of investment bonds and how they work.

Learning objectives

In this session we covered…